Tether Will Block Assets Linked to Sanctioned Entities

Tether, the issuer of the USDT stablecoin, has announced that it will freeze addresses associated with sanctioned entities.

This decision comes after a report revealed that Venezuela’s state-owned oil company, PDVSA, has been using cryptocurrencies to bypass sanctions imposed by the United States.

According to a spokesperson from Tether, the company is fully committed to preventing transactions involving sanctioned entities listed by the Office of Foreign Assets Control (OFAC):

“Tether acknowledges the OFAC SDN list and is dedicated to taking prompt action to freeze addresses associated with these sanctions.”

The report further revealed that Venezuela is facing new oil sanctions imposed by the US due to its failure to implement electoral reforms.

These sanctions, which are set to take effect by May 31, will make it more difficult for the country to increase its oil production and export as companies will require authorization from the US to do business with Venezuela.